Bitcoin Tumbles Below $80,000 Amid Fed Rate Hike Fears

Bitcoin fell below $80,000 on Saturday after stronger-than-expected US employment data revived expectations for a Federal Reserve interest rate hike.

The Labor Department reported that nonfarm payrolls increased by 162,000 in August, beating economists' estimates of 56,000.

As a result, rate futures briefly priced in around a 65% probability of a hike before easing to roughly 57-59%, compared with about 52% before the jobs report.

Despite the hawkish outlook, US spot Bitcoin ETFs attracted $174.6 million of net inflows on September 4, extending their inflow streak to three sessions and taking cumulative inflows over the period to about $1.01 billion.